S&P Global Inc. (SPGI) FY2025 Q1 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-03-31

Swipe to see the full flow
S&P Global Inc. cash flow reconciliation, Jan 1, 2025 through Mar 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $953,000,000.00Net income → Operating adjustments reconciliation: $218,000,000.00Amortization of intangibles → Operating adjustments reconciliation: $268,000,000.00Net change in prepaid/accrued income taxes → Operating adjustments reconciliation: $225,000,000.00Unearned revenue → Operating adjustments reconciliation: $181,000,000.00Other → Operating adjustments reconciliation: $61,000,000.00Stock-based compensation → Operating adjustments reconciliation: $47,000,000.00Depreciation → Operating adjustments reconciliation: $25,000,000.00Prepaid and other current assets → Operating adjustments reconciliation: $12,000,000.00Provision for losses on accounts receivable → Operating adjustments reconciliation: $8,000,000.00Operating adjustments reconciliation → Accounts payable and accrued expenses: $678,000,000.00Operating adjustments reconciliation → Accounts receivable: $222,000,000.00Operating adjustments reconciliation → Deferred income taxes: $63,000,000.00Operating adjustments reconciliation → Other current liabilities: $58,000,000.00Operating adjustments reconciliation → Net change in other assets and liabilities: $24,000,000.00Net cash used in investing activities → investing reconciliation: $79,000,000.00investing reconciliation → Capital expenditures: $43,000,000.00investing reconciliation → Changes in short-term investments: $23,000,000.00investing reconciliation → Acquisitions, net of cash acquired: $13,000,000.00Net cash used in financing activities → financing reconciliation: $1,103,000,000.00financing reconciliation → Repurchase of treasury shares: $650,000,000.00financing reconciliation → Dividends paid to shareholders: $295,000,000.00financing reconciliation → Distributions to noncontrolling interest holders: $94,000,000.00financing reconciliation → Employee withholding tax on share-based payments, contingent consideration payments and other: $60,000,000.00financing reconciliation → Payments on senior notes: $4,000,000.00Exchange-rate effect → Cash sources and uses: $32,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $1,666,000,000.00Net cash from operating activities → Cash sources and uses: $953,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $1,469,000,000.00Cash sources and uses → Net cash used in investing activities: $79,000,000.00Cash sources and uses → Net cash used in financing activities: $1,103,000,000.00Unearned revenue: $181,000,000.00Deferred revenue+$181.00 MNet change in other assets and liabilities: -$24,000,000.00Other noncurrent items−$24.00 MAccounts receivable: -$222,000,000.00Accounts receivable−$222.00 MProvision for losses on accounts receivable: $8,000,000.00Credit loss provision+$8.00 MOther current liabilities: -$58,000,000.00Other current liabilities−$58.00 MAmortization of intangibles: $268,000,000.00Intangible amortization+$268.00 MDepreciation: $25,000,000.00Depreciation expense+$25.00 MNet change in prepaid/accrued income taxes: $225,000,000.00Income taxes payable+$225.00 MAccounts payable and accrued expenses: -$678,000,000.00Payables & accrued liabilities−$678.00 MOther: $61,000,000.00Other non-cash items+$61.00 MNet income: $1,171,000,000.00Net income+$1.17 BDeferred income taxes: -$63,000,000.00Deferred income taxes−$63.00 MStock-based compensation: $47,000,000.00Stock-based compensation+$47.00 MPrepaid and other current assets: $12,000,000.00Other current assets+$12.00 MNet cash from operating activities: $953,000,000.00Operating cash+$953.00 MOperating adjustments reconciliation: $1,045,000,000.00Employee withholding tax on share-based payments, contingent consideration payments and other: -$60,000,000.00Employee withholding tax on share-based payments,contingent consideration payments and other−$60.00 MDividends paid to shareholders: -$295,000,000.00Common dividends paid−$295.00 MPayments on senior notes: -$4,000,000.00Senior debt repaid−$4.00 MDistributions to noncontrolling interest holders: -$94,000,000.00Noncontrolling dividends−$94.00 MRepurchase of treasury shares: -$650,000,000.00Common stock repurchases−$650.00 MAdditions to short-term debt, net: $0.00Net cash used in financing activities: -$1,103,000,000.00. Cash required to fund net payments.Financing cash−$1.10 Bfinancing reconciliation: $1,103,000,000.00Acquisitions, net of cash acquired: -$13,000,000.00Acquisitions, net of cash−$13.00 MChanges in short-term investments: -$23,000,000.00Short-term investments, net−$23.00 MCapital expenditures: -$43,000,000.00Capital expenditures−$43.00 MNet cash used in investing activities: -$79,000,000.00. Cash required to fund net payments.Investing cash−$79.00 Minvesting reconciliation: $79,000,000.00Cash sources and uses: $2,651,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $1,666,000,000.00Beginning cash$1.67 BEnding cash: Cash, cash equivalents, and restricted cash: $1,469,000,000.00Ending cash$1.47 BExchange-rate effect: $32,000,000.00FX effect+$32.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$910.00 MOperating cash − cash spent on productive assetsCash flow / Net income0.81×Operating cash flow ÷ net incomeNet cash change−$197.00 MEnding cash − beginning cash
Chart details

S&P Global Inc. cash flow reconciliation, Jan 1, 2025 through Mar 31, 2025

Cash flows for Jan 1, 2025 through Mar 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Mar 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
1,666,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
953,000,000 US dollars. Net cash provided.
Unearned revenue
181,000,000 US dollars
Net change in other assets and liabilities
negative 24,000,000 US dollars
Accounts receivable
negative 222,000,000 US dollars
Provision for losses on accounts receivable
8,000,000 US dollars
Other current liabilities
negative 58,000,000 US dollars
Amortization of intangibles
268,000,000 US dollars
Depreciation
25,000,000 US dollars
Net change in prepaid/accrued income taxes
225,000,000 US dollars
Accounts payable and accrued expenses
negative 678,000,000 US dollars
Other
61,000,000 US dollars
Net income
1,171,000,000 US dollars
Deferred income taxes
negative 63,000,000 US dollars
Stock-based compensation
47,000,000 US dollars
Prepaid and other current assets
12,000,000 US dollars
Investing activities
negative 79,000,000 US dollars. Net cash used.
Acquisitions, net of cash acquired
negative 13,000,000 US dollars
Changes in short-term investments
negative 23,000,000 US dollars
Capital expenditures
negative 43,000,000 US dollars
Financing activities
negative 1,103,000,000 US dollars. Net cash used.
Employee withholding tax on share-based payments, contingent consideration payments and other
negative 60,000,000 US dollars
Dividends paid to shareholders
negative 295,000,000 US dollars
Payments on senior notes
negative 4,000,000 US dollars
Distributions to noncontrolling interest holders
negative 94,000,000 US dollars
Repurchase of treasury shares
negative 650,000,000 US dollars
Additions to short-term debt, net
0 US dollars
Operating adjustment reconciliation
1,045,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
1,103,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
79,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
32,000,000 US dollars
Ending cash on Mar 31, 2025
1,469,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
2,651,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 197,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
0.81×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
953,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
43,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
910,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income exceeds operating cash. The diagram allocates $953.00M of net income directly to operating cash and $218.00M to the adjustment junction, where it combines with other additions to reconcile deductions. This is an accounting presentation, not a tracing of cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: 953,000,000 US dollars minus 43,000,000 US dollars equals 910,000,000 US dollars.
S&P Global Inc. (SPGI) FY2025 Q1 Statement of Cash Flows Sankey chart
Free to share unchanged, with credit to Plicit.ai · CC BY-NC-ND 4.0Download PNG

Newsletter

Get the teardowns by email

Subscribe if you want the public-company teardowns in your inbox when they're released.

Product waitlist

Health Check and Teardown for your own company

A health check uncovers insights of your private books, not a public ticker. Join this list to get notified as soon as we go-live!